SPY weekly: Big decision coming

Pull up a SPY weekly candlestick chart and you too will see the large descending triangle.

We are stuck between SPY 111 ish and SPY 105 ish.  For an exact chart go look at Traderbeans:
http://www.traderbean.blogspot.com/

For me, I just use these levels as a guide as I profitably trade intraday.  Any buy and holds should be confined to gold, silver, and miners at this juncture.

What am I trading intraday?
TZA
TNA
FAZ
FAS
QID
QLD
UNP
SRS
AGQ
RIMM

HAPPY LABOR DAY WEEKEND!

http://www.cxoadvisory.com/calendar-effects/stock-returns-around-labor-day/

September

Nice rally yesterday.  Small follow through today with divergence.  The bulls won yet another fight around 1040 S&P.  There has been a lot of fights there!  I'd hate to see when it breaks.

I think we pull back tomorrow a little.  An overnight short trade might work.

Overhead gaps to watch
SPY 109.78
SPY 112.30
SPY 115.89

Odds are good one of those will get filled even if we are in fact entering a new bear market.  There is a lot for the bulls to overcome here ( a lot of overhead resistance not too mention how bad the economic picture illustrates).

I remain a bull until the charts tell me otherwise, but I'm highly skeptical and I'm a believer that the bear will resume at some point.